Japanese company Nippon Steel has successfully finalized its acquisition of US Steel, following negotiations with the US government. The $14.9 billion deal involves Nippon taking over the smaller American steel company, creating one of the largest steel producers globally and establishing Nippon as a significant player in the US market.

The acquisition, which was first announced in 2023, was viewed as a crucial lifeline for the struggling 124-year-old US Steel. However, it faced challenges during the previous year's presidential election, with both President Donald Trump and his Democratic opponents expressing concerns about the foreign purchase of one of the few remaining major steel manufacturers in the US.

Despite initial reservations, President Trump ultimately approved the deal after Nippon made concessions to address his national security worries. The agreement, valued at $14.9 billion, includes Nippon paying $55 per share and assuming US Steel's debt. Additionally, Nippon has committed to investing $11 billion in US Steel by 2028, with plans for a new facility to be completed after that year.

As part of the agreement, Nippon has granted the US government a "golden share" in the company, granting the government influence over critical decisions such as job transfers, production relocation outside the US, and factory closures. Nippon has also pledged to maintain its headquarters in Pittsburgh, Pennsylvania, and appoint US citizens to key leadership roles, including the CEO and a majority of the board members.

In a joint statement, Nippon and US Steel emphasized that the partnership would preserve the iconic US Steel name and headquarters in Pittsburgh, ensuring that the company continues to operate in America for future generations. They highlighted that the deal would safeguard and generate over 100,000 jobs.